# Alliance Laundry Holdings Inc. (ALH) Informational only - not investment advice. CIK: 0001317685 SIC: 3580 Refrigeration & Service Industry Machinery SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3580 Refrigeration & Service Industry Machinery](/industry/3580/) Latest 10-K filed: 2026-03-13 SEC page: https://www.sec.gov/edgar/browse/?CIK=1317685 Filing source: https://www.sec.gov/Archives/edgar/data/1317685/000131768526000011/all-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1709237000 | USD | 2025 | 2026-03-13 | | Net income | 101755000 | USD | 2025 | 2026-03-13 | | Assets | 2885888000 | USD | 2025 | 2026-03-13 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001317685.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | | Revenue | | 1,365,154,000 | 1,508,440,000 | 1,709,237,000 | | Net income | | 88,229,000 | 98,319,000 | 101,755,000 | | Operating income | | 235,684,000 | 284,013,000 | 317,366,000 | | Gross profit | | 473,092,000 | 551,251,000 | 642,104,000 | | Diluted EPS | | 0.51 | 0.56 | 0.56 | | Operating cash flow | | 208,716,000 | 145,460,000 | 211,685,000 | | Capital expenditures | | 32,686,000 | 43,485,000 | 53,668,000 | | Share buybacks | | 18,955,000 | 1,445,000 | 6,205,000 | | Assets | | | 2,832,105,000 | 2,885,888,000 | | Liabilities | | | 3,109,433,000 | 2,493,770,000 | | Stockholders' equity | 466,914,000 | 550,930,000 | -277,328,000 | 392,118,000 | | Cash and cash equivalents | | 182,449,000 | 154,682,000 | 123,102,000 | | Free cash flow | | 176,030,000 | 101,975,000 | 158,017,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | | Net margin | | 6.46% | 6.52% | 5.95% | | Operating margin | | 17.26% | 18.83% | 18.57% | | Return on equity | | 16.01% | | 25.95% | | Return on assets | | | 3.47% | 3.53% | | Liabilities / equity | | | | 6.36 | | Current ratio | | | 1.40 | 1.40 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001317685.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2025-Q3 | 2025-09-30 | 437,606,000 | 32,896,000 | 0.19 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 434,874,000 | 20,596,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 426,887,000 | 56,916,000 | 0.28 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1317685/000131768526000015/all-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-12 Report date: 2026-03-31 Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This management’s discussion and analysis (“MD&A”) should be read in conjunction with the information included elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. The discussions in this MD&A contain forward-looking statements that involve risks and uncertainties. This discussion includes disclosures that are shown in rounded amounts. The related percentage disclosures are calculated on unrounded amounts. As such, certain totals, subtotals, and percentages may not reconcile. OVERVIEW We are the world’s largest designer and manufacturer of commercial laundry systems, serving a diverse and resilient range of global end markets. We believe we engineer and produce the highest quality and one of the most reliable commercial laundry systems in the industry. We leverage our pure play focus on the commercial laundry industry and over 100 years of engineering excellence to drive innovation and design our equipment to deliver outstanding performance in the most demanding applications. We believe the need for clean laundry is universal and growing, and our premium machines meet this fundamental human need, all day, every day. We produce a full line of commercial washers and dryers with load capacities up to 400 pounds as well as presses and finishing equipment under the well-known brand names of Speed Queen, UniMac, Huebsch, IPSO and Primus. Our products are sold to three core end markets, including: (i) On-Premise laundries: Businesses or institutions that process large volumes of laundry in support of their core business, including healthcare facilities, fire stations and hotels; (ii) Vended businesses: Laundromats and communal laundry operators, that operate commercial systems for end users who pay for use; and (iii) Commercial In-Home: Residential consumers who pay a premium to have the reliability and effectiveness of commercial systems in their homes. 31 Table of Contents RESULTS OF OPERATIONS Three Months Ended March 31, 2026 as Compared to the Three Months Ended March 31, 2025 Consolidated Results of Operations The following table sets forth our consolidated results of operations for the quarter ended March 31, 2026 (in thousands): Three Months Ended March 31, 2026 2025 $ Change % Change Net revenues: Equipment, service parts and other $ 414,706  $ 377,718  $ 36,988  10  % Equipment financing 12,181  11,855  326  3  % Net revenues 426,887  389,573  37,314  10  % Costs and expenses: Cost of sales 259,463  235,546  23,917  10  % Cost of sales - related parties 1,670  1,447  223  15  % Equipment financing expenses 8,565  7,559  1,006  13  % Gross profit 157,189  145,021  12,168  8  % Selling, general, and administrative expenses 73,328  70,463  2,865  4  % Selling, general, and administrative expenses - related parties 55  75  (20) (27) % Total operating expenses 73,383  70,538  2,845  4  % Operating income 83,806  74,483  9,323  13  % Interest expense, net 17,888  44,912  (27,024) (60) % Other (income)/expenses, net (6,470) 7,121  13,591  191  % Income before taxes 72,388  22,450  49,938  222  % Provision for income taxes 15,472  5,221  10,251  196  % Net income $ 56,916  $ 17,229  $ 39,687  230  % Net revenues Net revenues for the three months ended March 31, 2026 increased $37.3 million, or 9.6%, to $426.9 million from $389.6 million for the three months ended March 31, 2025. The increase in net revenues reflects a combination of volume growth, which contributed approximately one-third of the increase, price increases, and an approximately 1% favorable impact from foreign exchange. Equipment revenue increased $35.6 million, or 11.0%, year over year, primarily driven by volume growth and price increases. Service parts revenue increased $1.9 million, or 4.5%, year over year primarily driven by price increases. Equipment financing revenue increased $0.3 million, or 2.7% year over year driven by growth in loan base, partially offset by a decrease in variable loan rates tied to the prime rate. Gross profit Gross profit for the three months ended March 31, 2026 increased $12.2 million, or 8.4%, to $157.2 million from $145.0 million for the three months ended March 31, 2025. Gross profit, as a percentage of net revenues, remained relatively flat at 36.8% for the three months ended March 31, 2026 as compared to 37.2% for the three months ended March 31, 2025. A year over year increase in 32 Table of Contents tariffs of approximately $3.4 million negatively impacted gross margin for three months ended March 31, 2026. Tariffs were partially offset by price increases and cost reduction initiatives. Selling, general, and administrative expenses Selling, general, and administrative expenses for the three months ended March 31, 2026 increased $2.8 million to $73.4 million from $70.5 million for the three months ended March 31, 2025. Selling, general, and administrative expenses as a percentage of net revenues was 17.2% for the three months ended March 31, 2026 as compared to 18.1% for the three months ended March 31, 2025. Included within Selling, general, and administrative expenses is $9.7 million and $11.1 million of non-cash depreciation and amortization related to the fair value step-up of assets recorded under purchase accounting from a prior business combination for the three months ended March 31, 2026 and 2025, respectively. The increase in Selling, general and administrative expenses is primarily due to higher selling and promotional expenses driven by higher sales volume and increased administrative costs related to public company support costs, partially offset by a favorable impact from foreign exchange movements. Interest expense, net Interest expense, net for the three months ended March 31, 2026 decreased $27.0 million to $17.9 million from $44.9 million for the three months ended March 31, 2025. The decrease in interest expense was primarily attributable to a lower debt balance resulting from Term Loan voluntary prepayments, as discussed in Note 11 - Debt, and a lower interest rate on the Term Loan following refinancing activities in February 2025 and August 2025. Other (income)/expenses, net Other (income)/expenses, net for the three months ended March 31, 2026 was $6.5 million of income compared to $7.1 million of expenses for the three months ended March 31, 2025. Other income for the three months ended March 31, 2026 included $6.5 million of foreign exchange gains on intercompany loans where the lender or borrower’s functional currency differs from the loan denomination currency. Other expenses for the three months ended March 31, 2025 included $1.1 million of debt issuance costs and $6.1 million foreign exchange losses on intercompany loans, net. Provision for income taxes The effective income tax rate was a 21.4% provision for the three months ended March 31, 2026 as compared to a 23.3% provision for the three months ended March 31, 2025. The decrease is primarily due to the benefit of deductibility for exercises of stock options, partially offset by limitations of deductibility of officer compensation subsequent to the IPO. 33 Table of Contents Segment Results Our business is organized into two reportable segments, North America and International. The Company uses Segment Net revenues, Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin as its measures of performance. The Company allocates certain costs including manufacturing variances, customer support expenses and selling and general expenses which are incurred in our global operations to the reportable segments in determining Segment Adjusted EBITDA. Segment Adjusted EBITDA is a performance metric utilized by the Company’s Chief Operating Decision Maker to allocate resources on a segment basis. We define Segment Adjusted EBITDA as, on a segment basis, net income excluding interest income/expense, income taxes, depreciation and amortization. Segment Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the segments’ operating performance, such as refinancing and debt related costs, share-based compensation, strategic transaction costs, foreign exchange on intercompany loans and other non-recurring items which management believes are not indicative of the Company’s ongoing operating performance. Segment Adjusted EBITDA is a measure of operating performance of our reportable segments and may not be comparable to similar measures reported by other companies. See Note 15 - Segment Information to our interim condensed consolidated financial statements included in this Quarterly Report. The following table presents the Company’s segment results for the three months ended March 31, 2026: Three Months Ended March 31, (in thousands, except for percentages) 2026 2025 $ Change % Change North America Net revenues $ 319,819  $ 292,319  $ 27,500  9.4  % Adjusted EBITDA $ 86,928  $ 80,776  $ 6,152  7.6  % Adjusted EBITDA Margin 27.2  % 27.6  % International Net revenues $ 107,068  $ 97,254  $ 9,814  10.1  % Adjusted EBITDA $ 32,558  $ 28,800  $ 3,758  13.0  % Adjusted EBITDA Margin 30.4  % 29.6  % North America Revenue in North America increased $27.5 million or 9.4% to $319.8 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Equipment revenue increased $27.2 million, or 11.3%, mainly driven by strong demand across all end markets, with particularly strong performance in the Commercial In-Home end market (an increase of 23%). Service parts revenue increased $0.2 million, or 0.5%, primarily driven by price increases. Other revenues and Equipment financing revenue remained relatively flat year over year. Adjusted EBITDA increased $6.2 million or 7.6% to $86.9 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 and Adjusted EBITDA Margin decreased slightly to 27.2% for the three months ended March 31, 2026 compared to 27.6% for the three months ended March 31, 2025. As noted above, a year-over-year increase in tariffs of 34 Table of Contents approximately $3.4 million negatively impacted adjusted EBITDA margin for three months ended March 31, 2026. These costs were offset by modest price increases and cost reduction initiatives. International Revenue increased $9.8 million or 10.1% to $107.1 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Equipment revenue increased $8.4 million, or 9.9%, primarily due to strong performance in Europe (an increase of 21%) and in Middle East and Africa (an increase of 10%) where the expanding Vended end markets are driving growth. Service parts revenue increased $1.8 million, or 16.1%, primarily driven by volume growth. Adjusted EBITDA increased $3.8 million or 13.0% to $32.6 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 and Adjusted EBITDA Margin increased to 30.4% for the three months ended March 31, 2026 from 29.6% for the three months ended March 31, 2025. This increase was primarily driven by customer and product mix and favorable foreign exchange. 35 Table of Contents LIQUIDITY AND CAPITAL RESOURCES Our principal sources of liquidity are cash on hand, cash flows generated from operations, and potential borrowings under our revolving credit facilities. We believe that our sources of liquidity will be adequate to meet our anticipated requirements for ongoing operations, capital expenditures, working capital, interest payments, scheduled principal payments, and other debt repayments over the next twelve [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is a discussion of our financial condition and results of operations and should be read in conjunction with our audited historical consolidated financial statements and the accompanying notes elsewhere in this Annual Report. In addition to historical financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. You should review the information set forth in “Cautionary Note Regarding Forward-Looking Statements” and “Part I. Item 1A. Risk Factors.” For purposes of this section, references to the “Company,” “we,” “us,” and “our” refer to Alliance Laundry Holdings Inc. and its subsidiaries. This discussion includes disclosures that are shown in rounded amounts. The related percentage disclosures are calculated on unrounded amounts. As such, certain totals, subtotals, and percentages may not reconcile. The following discussion and analysis of our financial condition and results of operations includes discussion of certain non-GAAP financial measures. For a description and reconciliation of the non-GAAP measures discussed in this section, see “—Non-GAAP Financial Measures and Key Operating Metrics” below. The following is a discussion and analysis of, and a comparison between, our results of operations for the years ended December 31, 2025 and 2024. A discussion and analysis of, and a comparison between, our results of operations for the years ended December 31, 2024 and 2023 can be found in the section entitled, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our final prospectus on Form 424(b)(4) filed with the SEC on October 9, 2025. Our Business We are the world’s largest designer and manufacturer of commercial laundry systems, serving a diverse and resilient range of global end markets. We believe we engineer and produce the highest quality and one of the most reliable commercial laundry systems in the industry. We leverage our pure play focus on the commercial laundry industry and over 100 years of engineering excellence to drive innovation and design our equipment to deliver outstanding performance in the most demanding applications. We believe the need for clean laundry is universal and growing, and our premium machines meet this fundamental human need, all day, every day. Key Factors Affecting Our Performance Our results of operations and financial condition have been, and will continue to be, affected by several factors that present significant opportunities for us but can also pose risks and challenges, including but not limited to those discussed below and in "Part I. Item 1A. Risk Factors." 51 Table of Contents Incumbent Replacement Cycle Despite the high reliability and durability of our equipment it does have a finite life, and the mission-critical nature of our estimated eight million unit installed base of equipment, which we calculate assuming a ten-year average useful life of our products, means our growth and performance has been driven by a consistent and predictable demand for replacement equipment. The incumbency advantage offered by this significant installed base and our investment in maintaining industry-leading physical and digital product offerings make us, we believe, well placed to capitalize on global demand and continue to grow our market share and develop new markets for our products. This global demand is driven by the commercial demand of our continually improved products, our customers repeatedly choosing our products and the attractiveness of laundromats as an investment, and changes in customer habits or changes to the economic model, including changes to operating, real estate and construction costs, the operating environment, or delays in laundromat construction or increased regulatory or permitting obligations for laundromats, could impact this demand in the future. Investment Trends in Diversified End-Markets In addition to replacement demand, our performance is also driven by investment trends in both our developed and developing end markets. The investment and macro trends impacting the On-Premise, Vended and Commercial In-Home end-markets rarely move in tandem, and our ability to access all these markets by providing systems to satisfy the many differences between them has been a key driver to our historical performance and we believe will continue to drive our performance going forward. Myriad applications required by the On-Premise end market create investment trends that rarely move in sync. Whether our products are used to sterilize large volumes of linens in healthcare, wash highly specialized firefighting gear, launder hotel linens or are applied in any of the many other end-use cases, our ability to provide specific solutions for all of these applications gives us end market diversification globally. We believe our incumbency in many of these applications provides a strong platform for future growth in both developed and developing markets, as these markets upgrade their laundry systems to align to more developed market standards. The growth of the Vended market, whether in laundromats or communal laundry facilities, is being driven by a combination of changes to the investment model in mature markets, including the U.S. and Western Europe, and demographic changes in less mature markets where we are helping create the demand and drive adoption of Vended laundry applications. The U.S. and Western European laundromat markets are seeing an acceleration of investment, driven by a shift to more commercially focused investors who are willing to invest in the latest machines and technology to deliver an improved customer experience, and which also allows them to more easily operate their multi-site businesses. This is driving demand for equipment for new laundromat locations, but also accelerating the replacement cycle in existing stores as owners refurbish them to keep pace with the market trends. We believe our industry leading products and digital technologies, alongside our in-house financing capability in the U.S., makes our products the most attractive choice for these investors which has driven and will continue to drive our performance. There remains significant untapped opportunity for Vended laundry systems across many under-penetrated developing markets where there is a nascent or non-existent Vended laundry culture. We have a successful track record of expanding our business in these high-potential geographies, such as in Thailand where we have grown revenue at a compound annual growth rate of approximately 42% since we began operations there in 2017. We believe Vended laundry market opportunities are driven by a number of key indicators such as GDP growth, population growth, rising personal incomes, increasing urbanization, and expanding family sizes—all resulting in evolving lifestyles that demand Vended laundry solutions. We believe there are many other potential markets that could replicate the success we have already seen in markets like Thailand, though there are inevitable risks associated with growth in these new markets. For example, we face risks associated with unforeseen government actions, changing political conditions, fluctuations in currency exchange rates, increases in inflation, and other risks. See “Part I. Item 1A. Risk Factors.” In these developing markets, our team takes a “feet on the street” approach to foster the development of the local commercial laundry industry. We believe accessing these under-penetrated markets will continue to drive our performance alongside our local partners. Within the Commercial In-Home market, we have benefited from users who are becoming increasingly frustrated with lower quality residential machines and are looking for a more reliable and durable commercial-grade solution. We have capitalized on this demand by focusing on our go-to-market strategy of selling through independent retailers and not “Big Box” stores; we believe this strategy is unique in the industry and delivers the most profitable laundry sale for a retailer. We also continue to launch product extensions. Together, these efforts have expanded our reach and product range to in- home customers and we believe there remains continued growth opportunities in this market as these trends continue. 52 Table of Contents Manufacturing and Procurement Excellence and Related Costs To ensure that the reliability, durability and quality of our machines meet our customers’ expectations, we seek to achieve manufacturing and procurement excellence, which in turn means our systems may have higher labor and material costs than our primary competitors. Those high-quality product characteristics require us to run our manufacturing facilities efficiently, design products, supporting technologies and any new technologies to appropriately balance cost and performance, and procure materials and components at optimal prices. These activities have been key to our historical margin expansion and will continue to be drivers of our margins in the future. While we continue to focus on cost-down initiatives through engineering, manufacturing and procurement workstreams, we remain exposed to market prices for these costs. We manage the potential risk in these input costs through, when we deem appropriate, hedging and fixed price or term contracts. This focus on balancing cost with performance and quality extends to our suppliers where we focus on long-term, mutually beneficial relationships, rather than short-term cost minimization transactions, resulting in partnerships that help us to navigate any market volatility. For example, these relationships were particularly valuable as we navigated the COVID-19 pandemic and supply chain issues that followed, where we saw no significant disruption to our supply of components and materials. Non-GAAP Financial Measures and Key Operating Metrics We regularly review non-GAAP measures to evaluate our business, measure our performance and manage our operations, including identifying trends affecting our business, formulating business plans and making strategic decisions. We believe that non-GAAP measures provide an additional way of viewing aspects of our operations that, when viewed together with our GAAP results, provide a more complete understanding of our results of operations and the factors and trends affecting our business. These non-GAAP financial measures are also used by our management to evaluate financial results and to plan and forecast future periods. Non-GAAP financial measures should be considered a supplement to, and not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA Margin This Annual Report contains certain financial measures, including Adjusted EBITDA and Adjusted EBITDA Margin, that are not required by, or prepared in accordance with, GAAP. We refer to these measures as “non-GAAP” financial measures. The use of non-GAAP financial measures should not be construed as an alternative to, or more meaningful than, the comparable GAAP financial measure. You should not consider Adjusted EBITDA or Adjusted EBITDA Margin either in isolation or as substitutes for analyzing our results as reported under GAAP. Adjusted EBITDA and Adjusted EBITDA Margin are presented for supplemental informational purposes only and have limitations as an analytical tool. For example, Adjusted EBITDA and Adjusted EBITDA Margin exclude certain tax payments that may reduce cash available to us, exclude non-cash charges for depreciation of property and equipment and amortization of intangible assets, do not reflect any cash capital expenditure requirements for such assets being depreciated and amortized that may have to be replaced in the future, do not reflect changes in, or cash requirements for, our working capital needs and do not reflect the interest income or expense, or the cash requirements necessary to service interest or principal payments, on our debt. You should be aware that our presentation of these and other non-GAAP financial measures in this Annual Report may not be comparable to similarly titled measures used by other companies, including our competitors. Adjusted EBITDA and Adjusted EBITDA Margin, as defined below, are key non-GAAP measures we use to assess our financial performance. “Adjusted EBITDA” represents net income before provision for income taxes, interest expense, depreciation and amortization and is further adjusted to exclude certain expenses not representative of our ongoing operations and other charges not involving cash outlays and “Adjusted EBITDA Margin” represents Adjusted EBITDA divided by net revenues. Management utilizes Adjusted EBITDA and Adjusted EBITDA Margin as measures of operating performance. Management believes that these non-GAAP financial measures are useful to investors for period-to-period comparisons of the Company’s business and in understanding and evaluating the Company’s operating results for the following reasons: •Adjusted EBITDA and Adjusted EBITDA Margin are widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as share-based compensation expense, depreciation and amortization expense, interest expense, other expense (income), net, and income taxes expense (benefit) that can vary substantially from company to company depending upon their financing, capital structures and the method by which assets were acquired; and •Adjusted EBITDA and Adjusted EBITDA Margin provide consistency and comparability with the Company’s past financial performance, facilitate period-to-period comparisons of the Company’s primary operating results, 53 Table of Contents and also facilitate comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. Non-GAAP Reconciliation The following table presents a reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA Margin for the periods presented: For the Year Ended December 31, (in thousands except for percentages) 2025 2024 2023 Net income $101,755 $98,319 $88,229 Provision for income taxes 36,279 25,130 16,226 Interest expense 150,501 132,001 123,397 Depreciation and amortization 93,701 90,169 88,704 EBITDA 382,236 345,619 316,556 Refinancing and debt related costs (1) 3,679 33,217 — Share-based compensation (2) 19,779 3,263 3,343 Pension termination costs (3) — — 7,011 Strategic transaction costs (4) 5,627 5,803 1,083 Foreign exchange losses/(gains) on intercompany loans (5) 25,152 (4,654) 484 Adjusted EBITDA 436,473 383,248 328,477 Net revenues $1,709,237 $1,508,440 $1,365,154 Net income margin 6.0% 6.5% 6.5% Adjusted EBITDA Margin 25.5% 25.4% 24.1% _____________________ (1)Represents fees in connection with the Credit Agreement and predecessor credit facilities. (2)Non-cash expenses related to equity awards granted to management. (3)Expenses related to the termination and settlement of pension obligations, including settlement charges and amortization of net actuarial losses. (4)Comprised of professional fees, advisory services and other expenses related to the IPO and acquisitions. (5)Foreign exchange (loss)/gain on intercompany loans where the lender or borrower’s functional currency differs from the loan denomination currency. Segment Operating Metrics Our business is organized into two reportable segments, North America and International. The Company uses Segment Net Revenues, Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin as its measures of performance. The Company allocates certain costs including manufacturing variances, customer support expenses and selling and general expenses which are incurred in our global operations to the reportable segments in determining Segment Adjusted EBITDA. Segment Adjusted EBITDA is a performance metric utilized by the Company’s Chief Operating Decision Maker to allocate resources on a segment basis. We define Segment Adjusted EBITDA as, on a segment basis, net income before provision for income taxes, interest expense, depreciation and amortization and further adjusted to exclude certain expenses not representative of our ongoing operations and charges not involving cash outlays. Segment Adjusted EBITDA is a measure of operating performance of our reportable segments and may not be comparable to similar measures reported by other companies. See "Note 22 - Segment Information,” to our audited consolidated financial statements included elsewhere in this Annual Report and “—Segment Results” below. Components of Results of Operations Net Revenues Revenue is primarily generated through the sale of our commercial-grade laundry systems and service parts across our two geographic segments and into the three end markets of OPL, Vended and Commercial In-Home. In addition to the sale of equipment, we also generate revenues from our wrap-around customer offerings including equipment servicing, digital products and customer financing solutions. No single customer accounted for more than 10% of our total revenue in any of the last three fiscal years. 54 Table of Contents Equipment, Service parts and other The Company offers a full line of stand-alone laundry washers and dryers and related service parts. These products range from small residential washers and dryers to large commercial laundry systems. Revenue from equipment and service part sales is recognized when the Company satisfies a performance obligation by transferring control of a product, or providing service, to a customer net of any discounts or allowances. Where post-invoice rebates, allowances or sales incentive programs are offered, the Company estimates and records the cost of this variable consideration at the time of sale of the related product. Equipment financing The Company offers an equipment financing program to end-customers who are primarily laundromat owners to finance their purchase of new equipment. Typical terms for equipment financing receivables range from two to twelve years. Interest income is accrued as earned on outstanding balances. Recognition of income is suspended, and previously recorded accrued interest income is reversed, when it is determined that collection of future income is not probable (after 89 days past due). Fees earned and incremental direct costs incurred upon origination of equipment financing are not significant. Costs and Expenses Cost of Sales Cost of sales is comprised of the costs of raw materials and component parts, distribution expenses, costs incurred at the manufacturing plant level and costs of warehousing, including, but not limited to, labor and related fringe benefits, depreciation, supplies, utilities, property taxes and insurance, as well as costs associated with product warranties, and other costs of supporting our other wrap-around customer offerings. Equipment Financing Expenses Equipment financing expenses are made up of the interest cost and fees related to our Asset Backed Equipment Facility, alongside the operational costs, including but not limited to, headcount and systems expenses related to administering the equipment finance program. Gross Profit Gross profit is determined by subtracting cost of sales and equipment financing expenses from net revenues. Selling, general and administrative expenses Our selling expenses consist of expenses related to selling our products and services to customers through our global sales organization including the salaries of our direct sales team. General and Administrative expenses include the cost of our global, ‘24x7’ engineering and innovation teams as well as the costs required to support the administration of the business such as finance, accounting, information technology, human resources, legal, general management and amortization related to the BDTCP Transaction. Operating income Operating income is gross profit less SG&A and Other Costs. Interest expense, net The Company incurs interest expense related to servicing of its outstanding obligations under its Credit Agreement as defined herein. The amortization of debt issuance costs and impact of our interest rate hedging instruments are also included as a component of periodic interest expense. Net income Net income is operating income less interest expense, net, other expenses, net, and provision for income taxes. Factors Affecting the Comparability of Our Results of Operations Set forth below is a brief discussion of the key factors impacting the comparability of our results of operations. 55 Table of Contents Public Company Costs Following the completion of our IPO, we have incurred and expect to continue to incur additional costs associated with operating as a public company. These costs include additional personnel, legal, consulting, regulatory, insurance, accounting, investor relations, and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as amended, as well as rules adopted by the SEC and national securities exchanges, require public companies to implement specified corporate governance practices that are currently inapplicable to us as a private company. These additional rules and regulations, as well as others associated with being a public company, will increase our legal, regulatory, financial and insurance costs and will make some other activities more time-consuming and costly. Refinancing Costs From time to time the Company enters into new or amended credit agreements or securitization facilities to support its operations, fund acquisitions, make dividend distributions or for other general corporate purposes. These refinancing activities and related costs, as well as any capitalized costs and original issue discounts from prior transactions, are capitalized or expensed in accordance with the debt modification and debt extinguishment accounting guidance. Debt issuance costs are amortized using the effective interest rate method or straight line when straight line approximates the effective interest rate method. In February 2025, the Company finalized an amendment to our Credit Agreement, which reduced the applicable margin on the Term Loan to 2.75% and Revolving Credit Facility ("RCF") to 2.50%. The Company incurred fees of $1.0 million in connection with an amendment to our Credit Agreement, which were expensed and included in Other expenses, net in the Consolidated Statement of Comprehensive Income. In August 2025, the Company finalized an amendment to our Credit Agreement, which reduced the applicable margin on the Term Loan to 2.25% and RCF to 2.25%. The Company incurred fees of $1.3 million in connection with an amendment to our Credit Agreement, which were expensed and included in Other expenses, net in the Consolidated Statement of Comprehensive Income. In August 2024, the Company incurred fees of $32.8 million in connection with the execution of the Credit Agreement. Of these fees, $30.4 million was expensed and included in Other expenses, net and Other expenses, net - related parties in the consolidated statements of comprehensive income. The remaining $2.4 million related to the Revolving Facilities and was capitalized and included in the Other long-term assets line of the consolidated balance sheets. The Company also recorded $10.4 million of original issuance discount in 2024 related to the Credit Agreement, which is included in the Long-term debt, net line of the consolidated balance sheets. Additionally, the Company wrote off a portion of the unamortized debt issuance costs and original issuance discounts related to the prior credit agreement, resulting in expense of $2.8 million recorded in Other expenses, net in the consolidated statements of comprehensive income. Presentation of Financial Information Alliance Laundry Holdings Inc. is a holding company with no business operations or assets other than the capital stock of its direct and indirect subsidiaries, including those of Alliance Laundry Holdings LLC and Alliance Laundry Systems LLC. Alliance Laundry Systems LLC, a direct, wholly owned subsidiary of Alliance Laundry Holdings LLC, which is a direct, wholly owned subsidiary of Alliance Laundry Holdings Inc., is the U.S. Borrower under the Credit Agreement and the Originator and Servicer under the Asset Backed Equipment Facility and the Asset Backed Trade Receivables Facility, each as defined below. 56 Table of Contents Results of Operations For the Year Ended December 31, 2025 v. Year Ended December 31, 2024 The following table sets forth our results of operations for the periods indicated: (in thousands) December 31, 2025 December 31, 2024 Net revenues: Equipment, service parts and other $1,659,680 $1,459,746 Equipment financing 49,557 48,694 Net revenues 1,709,237 1,508,440 Costs and expenses: Cost of sales 1,028,073 914,655 Cost of sales - related parties 7,322 6,218 Equipment financing expenses 31,738 36,316 Gross profit 642,104 551,251 Selling, general, and administrative expenses 324,458 266,444 Selling, general, and administrative expenses - related parties 280 300 Other costs — 494 Total operating expenses 324,738 267,238 Operating income 317,366 284,013 Interest expense, net 150,501 132,001 Other expenses, net 28,831 23,376 Other expenses, net - related parties — 5,187 Income before taxes 138,034 123,449 Provision for income taxes 36,279 25,130 Net income $101,755 $98,319 Net Revenues Net revenues for the year ended December 31, 2025 increased $200.8 million, or 13%, to $1,709.2 million from $1,508.4 million for the year ended December 31, 2024. Equipment revenue increased $178.8 million, or 14%, year over year, primarily driven by volume growth across our reportable segments and all three end markets and modest price increases. Service parts revenue increased year over year $18.7 million, or 12%. Other revenues increased $2.4 million, or 6%, primarily due to increased field service revenue. Equipment financing revenue increased $0.9 million, or 2%, driven by the growth of the loan base, partially offset by lower interest income on floating loan rates decreasing alongside the prime rate. Net revenues increased $159.8 million in North America, mainly driven by strong demand across all end markets, with particularly strong performance in Vended, an increase of 11%, and Commercial In-Home, an increase of 26%, end markets. International segment net revenues increased by $41.0 million due to strong performance in Europe, an increase of 18%, and in Asia Pacific, an increase of 10%, where the expanding Vended end market is driving growth. Gross profit Gross profit for the year ended December 31, 2025 increased $90.9 million, or 16%, to $642.1 million from $551.3 million for the year ended December 31, 2024. Gross profit as a percentage of net revenues was 38% for the year ended December 31, 2025 as compared to 37% for the year ended December 31, 2024. The increase in gross profit as a percentage of revenue was primarily driven by our continued focus on manufacturing and procurement excellence, and the benefits of higher production volumes and modest price increases, net of increased input costs including tariff related expenses. 57 Table of Contents Selling, general, and administrative expenses (“SG&A”) Selling, general, and administrative expenses for the year ended December 31, 2025 increased $58.0 million, to $324.7 million from $266.7 million for the year ended December 31, 2024. Selling, general, and administrative expenses as a percentage of net revenues was 19% for the year ended December 31, 2025 as compared to 18% for the year ended December 31, 2024. Included within Selling, general, and administrative expenses is $42.9 million and $44.6 million related to non-cash depreciation and amortization of assets, which represents the portion of assets that had increases to their historical basis as a result of purchase accounting related to the BDTCP Transaction for the years ended December 31, 2025 and 2024, respectively. The increase in Selling, general and administrative expenses is primarily due to investment in physical and digital product development, increased Information Technology expenses to support systems and security, acquisition of distributors, public company support costs, additional headcount, expense recognized for performance-based options as the awards fully vested upon the IPO, and selling expenses driven by higher sales volume and profitability. Interest expense, net Interest expense, net for the year ended December 31, 2025 increased $18.5 million to $150.5 million from $132.0 million for the year ended December 31, 2024. The increase in interest expense was primarily attributable to the higher debt balance following the August 2024 refinancing referenced elsewhere in this MD&A. Other expenses, net Other expenses, net for the year ended December 31, 2025 were $28.8 million compared to $28.6 million for the year ended December 31, 2024. Other expenses, net for the year ended December 31, 2025 were comprised of $25.2 million foreign exchange losses on intercompany loans where the lender or borrower’s functional currency differs from the loan denomination currency and $3.7 million associated with refinancing of the Credit Agreement. See Note 18 - Debt to our audited consolidated financial statements included elsewhere in this Annual Report for a discussion of the Credit Agreement. Other expenses, net for the year ended December 31, 2024, were comprised of $33.2 million associated with the entry into the Credit Agreement partially offset by $4.7 million foreign exchange gains on intercompany loans where the lender or borrower’s functional currency differs from the loan denomination currency. Provision for Income Taxes The effective income tax rate was 26.3% for the year ended December 31, 2025, as compared to 20.4% for the year ended December 31, 2024. As a result of the IPO, the Company is now subject to Internal Revenue Code section 162(m), Limitation on Officers' Compensation, which resulted in a discrete non-cash charge of $5.2 million, which was partially offset by a $3.1 million benefit related to excess tax benefits on share-based payments. Additionally discrete non-cash charge of $1.7 million was recorded for the establishment of a valuation allowance against certain foreign tax credits that are expected to expire and not be realized. Segment Results Our business is organized into two reportable segments, North America and International. The Company uses Segment Net revenues, Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin as its measures of performance. The Company allocates certain costs including manufacturing variances, customer support expenses and selling and general expenses which are incurred in our global operations to the reportable segments in determining Segment Adjusted EBITDA. The segment measurements provided to, and evaluated by, the Chief Operating Decision Maker (“CODM”) are described in "Note 22 - Segment Information” to our audited consolidated financial statements included elsewhere in this Annual Report. 58 Table of Contents The following table presents the Company’s segment results. Year Ended December 31, (in thousands, except for percentages) 2025 2024 2023 North America Net revenues $1,268,979 $1,109,134 $996,762 Adjusted EBITDA $361,487 $317,779 $265,391 Adjusted EBITDA Margin 28.5% 28.7% 26.6% International Net revenues $440,258 $399,306 $368,392 Adjusted EBITDA $120,597 $103,148 $94,402 Adjusted EBITDA Margin 27.4% 25.8% 25.6% For the Year ended December 31, 2025 v. December 31, 2024 North America Revenue in North America increased $159.8 million, or 14%, to $1,269.0 million for the year ended December 31, 2025 compared to the year ended December 31, 2024. Equipment revenue increased $141.2 million, or 15%, year over year, mainly driven by strong demand across all end markets, with particularly strong performance in the Vended (an increase of 11%) and Commercial In-Home (an increase of 26%) end markets. Service parts revenue increased year over year $14.4 million, or 13%, primarily driven by a mix of price and volume growth. Other revenues increased $3.2 million, or 9%, primarily due to field service revenues. Equipment financing revenue increased $1.1 million, or 2%, driven by the growth of the loan base, partially offset by lower interest income on floating loan rates decreasing alongside the prime rate. Adjusted EBITDA increased $43.7 million, or 14%, to $361.5 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 and Adjusted EBITDA Margin decreased slightly to 28.5% for the year ended December 31, 2025 from 28.7% for the year ended December 31, 2024. This decrease was primarily driven by product mix and investment in product development and other operational projects to drive future growth, partially offset by the benefits of higher volumes and operational cost reduction initiatives. International Revenue increased $41.0 million, or 10%, to $440.3 million for the year ended December 31, 2025 compared to the year ended December 31, 2024. Equipment revenue increased $37.6 million, or 11%, year over year, primarily due to strong performance in Europe (an increase of 18%) and in Asia Pacific (an increase of 10%) where the expanding Vended end markets are driving growth. Service parts revenue increased year over year $4.2 million, or 10%, primarily driven by a mix of price and volume growth. Adjusted EBITDA increased $17.4 million, or 17%, to $120.6 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 and Adjusted EBITDA Margin increased to 27.4% for the year ended December 31, 2025 from 25.8% for the year ended December 31, 2024. This increase was primarily driven by gross margin expansion due to higher volumes and cost reduction initiatives in addition to operating expense controls. Liquidity and Capital Resources Overview Our principal sources of liquidity are cash on hand, cash flows generated from operations, and potential borrowings under our revolving credit facilities. We believe that our sources of liquidity will be adequate to meet our anticipated requirements for ongoing operations, capital expenditures, working capital, interest payments, scheduled principal payments, and other debt repayments over the next twelve months while remaining in compliance with the covenants of our debt agreements. As of December 31, 2025 and 2024, we had unrestricted cash and cash equivalents of $123.1 million and $154.7 million, respectively. As of December 31, 2025 and 2024, our total long-term debt, net was $1,354.6 million and $2,034.5 million, respectively, and our total asset backed borrowings was $618.6 million and $553.8 million, respectively. 59 Table of Contents We are a holding company that transacts substantially all of our business through our operating subsidiaries. Consequently, our ability to pay dividends to stockholders, meet debt payment obligations, and pay taxes and operating expenses is largely dependent on dividends or other distributions from our subsidiaries, whose ability to pay such distributions to us is restricted, subject to certain exceptions, pursuant to the terms of the Credit Agreement. We currently do not intend to declare dividends on our common stock in the foreseeable future, see “Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities — Dividend Policy”. Our principal liquidity needs have been, and we expect them to continue to be, working capital and general corporate needs, debt service and debt reduction, capital expenditures and potential acquisitions. Our capital expenditures were $53.7 million, $43.5 million and $32.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. We expect that capital expenditures in 2026 will be approximately $60 million. On August 19, 2024, one of the Company’s subsidiaries entered into the Credit Agreement. The Credit Agreement provides for a Term Facility in an aggregate principal amount of $2,075.0 million, a Primary Revolving Facility with aggregate commitments of $225.0 million, and a Thai Baht Revolving Facility with aggregate commitments of $25.0 million. On February 20, 2025, we finalized an amendment to our Credit Agreement, which reduced the applicable margin on the Term Loan and RCF. The result was an interest rate on our Term Loan of SOFR plus 2.75% and an interest rate on our RCF of SOFR plus 2.50%. On August 21, 2025, we finalized an amendment to our Credit Agreement, which reduced the applicable margin on the Term Loan and RCF. The result is an interest rate as follows (i) the Term Facility bears interest at a rate per annum equal to, at the applicable Borrower’s option, Term SOFR plus 2.25% or the applicable base rate plus 1.25%, (ii) the Revolving Facilities denominated in U.S. dollars bears interest at a rate per annum equal to, at the applicable Borrower’s option, Term SOFR plus 2.25% or the applicable base rate plus 1.25% and (iii) the Revolving Facilities denominated in Euros or Thai baht bore interest at a rate per annum equal to Adjusted EURIBOR or the Daily Simple RFR, respectively, plus, in each case, 2.25%. The foregoing interest rate margins will be subject to a step down of 0.25% in the event (i) the corporate credit ratings by Moody’s Investor Services, Inc. and Standard & Poor’s Ratings Group, Inc. are B1 (stable) and B+ (stable), respectively, or higher and (ii) we achieve a First Lien Net Leverage Ratio equal to or less than 3.50 to 1.00. In addition, the U.S. Borrower is required to pay a commitment fee equal to 0.250% per annum on any unused commitments under the Revolving Facilities, subject to a step up to 0.375% in the event we fail to maintain a First Lien Net Leverage Ratio equal to or less than 4.50 to 1.00. See Note 18 - Debt to the consolidated financial statements for additional information. The net proceeds from our initial public offering along with cash on hand were used to repay $525.0 million of our indebtedness outstanding under the Term Loan on October 17, 2025. The repayment was first applied to and eliminated the future required quarterly installment principal repayments. As such, the remaining balance of the Term Loan is due at maturity on August 19, 2031, with an exception for any Excess Cash Flow payment required under the Credit Agreement. The Company maintains a trade receivables securitization facility. ALTR LLC, a special-purpose bankruptcy remote subsidiary of the Company, is party to a $120.0 million revolving credit facility (which represents an increase of $20.0 million from the $100.0 million facility size as of December 31, 2025, effected by an amendment entered into on May 1, 2025), which is secured by the Asset Backed Trade Receivables Facility. The Asset Backed Trade Receivables Facility is due to expire on May 1, 2028. ALTR LLC finances the acquisition of trade receivables from Alliance Laundry Systems through borrowings under the Asset Backed Trade Receivables Facility in the form of funding notes which are limited to an advance rate of approximately 88% as of December 31, 2025. The Company also maintains an internal financing organization primarily to assist end-user laundromat locations in financing company-branded equipment through the Company’s distributors. The financing organization originates and administers the sale of equipment financing receivables. Under this program, the Company sells certain equipment financing receivables to a special-purpose bankruptcy remote subsidiary, which in turn transfers them to a trust. The special-purpose subsidiary and trust are party to a revolving credit facility. On May 1, 2025, we amended our Asset Backed Equipment Facility to increase the lender commitment to $500.0 million from $460.0 million and include a future uncommitted lender increase of $30.0 million. On December 29, 2025, the Company entered into an agreement (the "Facility Limit Increase Agreement") to convert the lender uncommitted amount of $30.0 million, which increased the lender committed amount under the Asset Backed Equipment Facility from $500.0 million to $530.0 million. The Asset Backed Equipment Facility is due to expire on May 1, 2028. The trust finances the acquisition of equipment financing 60 Table of Contents receivables through borrowings under the Asset Backed Equipment Facility in the form of funding notes which are limited to an advance rate of approximately 88%. In August 2024, following the execution of the Credit Agreement, we paid a $900.0 million dividend to common stockholders. We anticipate that any additional liquidity needs will be funded through, if needed, the future incurrence of additional indebtedness, or the issuance of additional equity, or a combination thereof. We cannot assure you that we will be able to obtain this additional liquidity on reasonable terms, or at all. Additionally, our liquidity and our ability to meet our obligations and fund our capital requirements are also dependent on our future financial performance, which is subject to general economic, financial, and other factors that are beyond our control. See “Item 1A. Risk Factors.” Cash Flows Information The following table presents a summary of cash flows for the periods presented: Year Ended December 31, (in thousands) 2025 2024 Net cash provided by operating activities $211,685 $145,460 Net cash used in investing activities (91,647) (87,760) Net cash used in financing activities (157,910) (75,374) Effect of exchange rate changes on cash and cash (467) (4,253) Increase/(decrease) in cash, cash equivalents, and restricted cash $(38,339) $(21,927) Operating Activities Cash provided by operating activities during 2025 of $211.7 million was primarily derived from net income adjusted for non-cash provisions and partially offset by a $50.1 million increase in working capital. The primary contributors to the change in working capital were a $44.8 million increase in accounts and equipment financing receivables held for securitization investors, a $13.5 million decrease in accounts payable, an increase in accounts receivable and equipment financing receivables of $9.8 million, and an increase in inventory of $6.3 million, partially offset by an increase in other liabilities of $20.9 million, and a $3.4 million decrease in other assets. Cash provided by operating activities during 2024 of $145.5 million was primarily derived from net income adjusted for non-cash provisions and partially offset by a $25.7 million increase in working capital. The primary contributors to the change in working capital were a $26.0 million increase in accounts and equipment financing receivables held for securitization investors and a decrease in other liabilities of $12.1 million, partially offset by a decrease in inventory of $5.8 million and a $5.6 million increase in accounts payable. Investing Activities Cash used by investing activities of $91.6 million for the year ended December 31, 2025 was primarily the result of $53.7 million of capital expenditures primarily related to new and replacement manufacturing equipment and engineering testing capabilities, $12.6 million related to the acquisitions of distributors in the United States, and $25.7 million net outflow related to originations of securitized equipment financing receivables exceeding collections. Cash used by investing activities of $87.8 million for the year ended December 31, 2024 was primarily the result of $43.5 million of capital expenditures primarily related to new and replacement manufacturing equipment and engineering testing capabilities, $27.9 million related to the acquisitions of distributors in the United States, and $18.8 million net outflow related to originations of securitized equipment financing receivables exceeding collections. Financing Activities Cash used by financing activities of $157.9 million for the year ended December 31, 2025 was primarily the result of $710.0 million in payments on long-term borrowings, partially offset by $497.0 million in net proceeds from our IPO and $64.8 million related to a net increase in asset backed borrowings owed to securitization investors. 61 Table of Contents Cash used by financing activities of $75.4 million for the year ended December 31, 2024 was primarily the result of $1,268.0 million in payments on long-term borrowings, $900.0 million for dividends to common stockholders, and $5.7 million net payments on revolving line of credit borrowings, partially offset by $2,064.6 million in proceeds from long- term borrowings and $38.5 million related to a net increase in asset backed borrowings owed to securitization investors. Cash Requirements The Company's material cash requirements primarily consist of working capital requirements, repayments of long-term debt and related interest, securitization activities, operating leases, capital expenditures, and potential acquisitions. As of December 31, 2025, we had the following obligations: • Long-term debt of $1.4 billion on the Term Loan, due at maturity on August 19, 2031. See “Note 18 - Debt” to our audited consolidated financial statements included elsewhere in this Annual Report for additional information on debt obligations and maturities. Future interest payments on the Term Loan expected to be $79.3 million over the next year. • See “Note 10 - Leases” to our audited consolidated financial statements included elsewhere in this Annual Report for additional information on lease obligations and maturities. • Amounts owed to securitization investors under our Asset-backed borrowings of $618.6 million. See “Note 7 – Securitization Activities” to our audited consolidated financial statements included elsewhere in this Annual Report for additional information on securitization obligations and maturities. Off–Balance Sheet Arrangements As of December 31, 2025, we did not have any off-balance sheet arrangements, as defined in Regulation S-K promulgated by the SEC. Critical Accounting Policies and Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the financial statement date and reported amounts of revenues and expenses, including amounts that are susceptible to change. Our critical accounting estimates include accounting methods and estimates underlying such financial statement preparation, as well as judgments around uncertainties affecting the application of those policies. In applying critical accounting estimates, materially different amounts or results could be reported under different conditions or using different assumptions. When required, management considers the perspective of market participants in accordance with current accounting guidance. See Note 2 - Significant Accounting Policies to our consolidated financial statements included elsewhere in this Annual Report for a summary of our significant accounting policies. Goodwill and Indefinite-Lived Intangible Assets. Goodwill is tested for impairment at least annually and more frequently if an event occurs which indicates that goodwill may be impaired. Accounting Standards Update ("ASU") No. 2017-04 Intangibles-Goodwill and Other (“Topic 350”): Simplifying the Test for Goodwill allows companies to apply a one-step quantitative test and, as applicable, record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The estimated fair value is determined on an income-based approach. Under the income-based approach, fair value is estimated using the expected present value of future cash flows. There was no goodwill impairment for the years ended December 31, 2025, 2024 and 2023. Several of the Company’s tradenames and trademarks have been deemed to have an indefinite life as the Company expects to continue to use these assets for the foreseeable future. There are no limitations of a legal, regulatory or contractual nature that limit the period of time for which the Company can use these assets. The Company has the right to continue to use these assets and can continue to do so with limited cost to the Company. The effects of obsolescence, demand, competition and other economic factors are not expected to impact the indefinite life assumptions. Intangible assets not subject to amortization (indefinite-lived intangible assets) are tested for impairment at least annually and more frequently if an event occurs which indicates the intangible asset may be impaired. The impairment test consists of a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized if the carrying amount of an intangible asset exceeds its fair value in an amount equal to that excess, but not to exceed the carrying amount of the intangible asset. The fair value of the tradenames and trademarks is determined using the relief- 62 Table of Contents from-royalty method. There was no impairment of our indefinite-lived assets for the years ended December 31, 2025, 2024 or 2023. Income Taxes. The income tax provision is computed based on the pretax income included in the Company’s consolidated statements of comprehensive income. Certain items of income and expense are not recognized on the Company’s income tax returns and financial statements in the same year, which creates timing differences or are permanently disallowed. The income tax effect of these timing differences results in (i) deferred income tax assets that create a reduction in future income taxes and (ii) deferred income tax liabilities that create an increase in future income taxes. Recognition of deferred income tax assets is based on management’s belief that it is more likely than not that the income tax benefit associated with temporary differences will be realized. The Company records a valuation allowance to reduce its net deferred income tax assets if, based on its assessment of future taxable income, it is more likely than not that it will not be able to use these tax benefits. The Company may have to adjust the valuation allowance if its estimate of future taxable income changes at any time. Recording such an adjustment could have a material adverse effect on the Company’s consolidated statements of comprehensive income. Product Warranty Liabilities. The costs of warranty obligations are estimated and provided for at the time of sale. Standard product warranties vary from one to seven years. The standard warranty program includes replacement of defective components. Additionally, the standard warranty covers labor costs for repairs solely related to Commercial In- Home equipment. The Company also sells separately priced extended warranties associated with its commercial products. The Company recognizes extended warranty revenues over the period covered by the warranty. Allowance for Credit Losses – Equipment Financing Receivables. The allowance for credit losses is an estimate of losses inherent to our equipment financing receivables portfolio. Our estimate includes accounts that have been individually identified as impaired and estimated credit losses over a pool of receivables where it is probable that certain receivables in the pool are impaired but that the individual accounts cannot yet be identified. When determining estimates of probable credit loss or whether an account is impaired, management takes into consideration numerous quantitative and qualitative factors such as historical loss experience, credit risk, portfolio duration, and economic conditions. The Company determined that there is a limited correlation between expected credit losses and forecasted economic conditions based on a correlation analysis performed to compare historical losses to various economic conditions, such as real gross domestic product, inflation rate and unemployment rate. On an ongoing basis, the Company monitors credit quality based on past- due status as there is a meaningful correlation between the past-due status of customers and the risk of credit loss. We determine that an equipment financing receivable is impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan or lease. These equipment financing receivables are collateral-dependent and measurement of impairment is based upon the estimated fair value of collateral. The determination of the allowance for credit losses is based on an analysis of historical loss experience and reflects an amount which, in our judgment, is adequate to provide for probable credit losses. When a financing receivable is non-performing, aged greater than 89 days and the Company has exhausted all efforts of collection, the receivable is deemed to be uncollectible and is charged off and deducted from the allowance. The allowance is increased for recoveries and by charges to earnings. The total allowance for credit losses as of December 31, 2025 and 2024 was $6.4 million and $5.9 million, respectively. The reserve as a percentage of the total gross portfolio balance as of December 31, 2025 and 2024 was 1.1% and 1.1%, respectively. Recent Accounting Pronouncements See Note 2 - Significant Accounting Policies to our consolidated financial statements included elsewhere in this Annual Report for a description of recent accounting pronouncements, if any, including the expected dates of adoption and the anticipated impact on our consolidated financial statements.